Should SEC’s 'Parking Scheme' Charges Portend Greater Trading Surveillance?
The round-trip trades in question involved asset-backed bonds issued by Bayview Commercial Asset Trust (BAYC), which passed from one trader to another several times for purposes of skirting “aged-inventory” policies that adversely affect bonuses. Relatively small, but material, losses were incurred as a result.
The initial trader, Thomas Gonnella, is alleged to have violated several sections of the Securities Act of 1933 and Exchange Act of 1934, while the second party, Ryan King, is charged
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